K2A Knaust & Andersson Fastigheter AB (publ) (K2A-PREF.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1378.7%

SEK 56.34

vs SEK 3.81 price

Levered DCF

SEK 8.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.05

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	2.63×	-2.81×	-1.19×	9.64×	7.56×	15.35×	12.45×	5.81×
P/B	0.23×	0.34×	0.31×	0.4×	1.8×	1.91×	1.79×	1.16×
P/S	1.39×	1.69×	1.65×	3.18×	19.22×	16.64×	17.15×	8.14×
EV / EBITDA	11.58×	1,313.12×	29.89×	23.78×	10.48×	21.53×	14.91×	11.46×
Gross margin	71.9%	101.1%	68.5%	64.9%	67.4%	67.5%	66.2%	65.5%
Operating margin	54.1%	68.5%	68.6%	64.9%	362.1%	156.8%	221.1%	65.4%
Net margin	66.7%	-47.4%	-121.0%	32.9%	277.0%	108.4%	137.8%	140.2%
Current ratio	0.15×	0.12×	0.03×	0.18×	0.3×	0.43×	0.72×	0.94×
Debt / equity	2.75×	2.15×	2.94×	2.53×	2.03×	2.41×	1.88×	2.65×
Interest coverage	0.89×	0.88×	1.06×	1.84×	12.66×	5.5×	7.2×	1.97×
Dividend yield	0.0%	1.2%	6.7%	4.1%	0.9%	1.1%	1.2%	2.5%
Payout ratio	0.0%	-4.4%	-9.1%	39.7%	5.9%	16.5%	14.7%	14.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	-9.6%	-22.8%	4.1%	26.0%	12.4%	14.4%	20.0%
Return on invested capital	1.6%	2.4%	2.6%	1.6%	8.5%	4.1%	5.4%	1.9%
Return on assets	2.8%	-2.8%	-5.3%	1.1%	7.9%	3.4%	4.6%	4.7%
Free cash flow yield	47.4%	7.9%	18.1%	4.9%	1.0%	3.1%	-0.3%	-0.2%
Earnings yield	47.9%	-28.1%	-73.2%	10.4%	14.4%	6.5%	8.0%	17.2%
Enterprise value	SEK 5.1B	SEK 5.1B	SEK 7.6B	SEK 8.4B	SEK 10.8B	SEK 7.2B	SEK 5B	SEK 2.9B
Net debt / EBITDA	10.61×	1,128.18×	27×	20.42×	5.37×	11.47×	7.39×	7.83×
Cash conversion cycle (days)	14	89	-8	-359	-542	-509	-235	-436